Move from Moneybox to Vanguard

Umiamz

I currently have a S&S ISA with Moneybox but the fees are high and I’d like to move to Vanguard. To complicate things, I appear to already have an empty S&S ISA with Vanguard from a previous tax year.

What is the best way to move my investment from Moneybox to Vanguard under these circumstances and bearing in mind that we are close to a new tax year?

afis1904

You should be able to transfer the ISA into your empty Vanguard ISA https://www.vanguardinvestor.co.uk/investing-explained/transfer-an-account

If I was you, I'd probably make a top-up of the moneybox ISA to not waste the allowance and then ask for a transfer at some point next month and it should all be done by the start of the new tax year.

Alexland

Suggest you phone Vanguard to check the status of the empty account from a previous tax year incase they have closed it off on their system for new contributions or transfers. They may require you to open a new ISA account.

[Deleted User]

Hi,

you cannot carry over any unused allowance.

From MSE Isa Guide:

You must save or invest by 5 April – the end of the tax year – for it to count for that year. Crucially, any unused allowance doesn't roll over – so if you don't use it, you lose it – forever. You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.

colsten

[Deleted User] said:

.......You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.......

What do you mean by that?

wiseonesomeofthetime

@colsten I think @[Deleted User] is pointing out what you probably know already. That post 5 April, you won't be able to add to the old ISA, only the new one.
At least, that is how I interpret the quote.

Umiamz

Alexland said:

Suggest you phone Vanguard to check the status of the empty account from a previous tax year incase they have closed it off on their system for new contributions or transfers. They may require you to open a new ISA account.

I think this might be what has happened. I tried selecting the Transfer option and it said that transfers were unavailable for this account. I've sent them a secure message.

[Deleted User]

colsten said:

[Deleted User] said:

.......You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.......

What do you mean by that?

Hi,

on 6th April each year there is a £20k Isa allowance, you must use this by 5th April following year, any unused cannot be carried forward.

colsten

frugalmacdugal said:

colsten said:

frugalmacdugal said:

.......You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.......

What do you mean by that?

Hi,

on 6th April each year there is a £20k Isa allowance, you must use this by 5th April following year, any unused cannot be carried forward.

That's very different to saying you won't be able to "contribute to the old ISA". You can, if you so chose, just have one S&S ISA ever, and you can contribute to it year after year. Or you could have more than one, and still contribute to all of them (incl to "the old one"), so long as you don't put new money into more than one ISA of the same type in the same tax year, and don't exceed your total annual allowance.

Umiamz

Thanks to all who replied. The upshot is that my old Vanguard account has been closed, so I need to create a completely new account and then transfer in the ISA from Moneybox.